Stocks Fall, GM Eyes Best Day In A Year, Gold Breaks Records, Silver Hits 12-Year Highs: What's Driving Markets Tuesday?
Wall Street traded lower for the second consecutive day on Tuesday, as investor sentiment turned cautious with the U.S. presidential election just two weeks away.
Concerns over U.S. fiscal policies and potential shifts in economic direction fueled the pause in risk-taking.
The International Monetary Fund (IMF) upgraded its U.S. growth forecasts for 2024 and 2025 in the latest World Economic Outlook, while also flagging rising concerns about the country's debt trajectory, warning that with current large fiscal deficits, “the U.S. public debt is not stabilized.”
Commodities were the standout performers on Tuesday, with both metals and energy experiencing notable gains.
Gold, tracked by the SPDR Gold Trust (NYSE:GLD), rose 0.8%, pushing further into record territory. This increase extended its year-to-date performance to 34%, positioning gold for its strongest annual gain since 1979. Gold miners, as represented by the VanEck Gold Miners ETF (NYSE:GDX), rallied for the ninth consecutive session, hitting their highest levels in over four years.
Silver, tracked by the iShares Silver Trust (NYSE:SLV), surged 2.8%, reaching levels not seen since October 2012.
Oil prices rallied nearly 3%, building on a 2% surge from Monday. U.S. Treasury yields ticked up modestly on Tuesday following Monday's spike, with the 10-year yield settling at 4.21%.
Meanwhile, the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), climbed past the 104 mark, continuing its steady ascent and eyeing a fourth consecutive week of gains.
In the cryptocurrency market, Bitcoin (CRYPTO: BTC) fell 0.5%, dipping to around $67,000 and marking its second consecutive day of declines.
Tuesday’s Performance In US Major Indices, ETFs
Major Indices
Price
1-day %change
Dow Jones
42,907.57
-0.1 %
S&P 500
5,840.39
-0.2%
Nasdaq 100
20,291.15
-0.3%
Russell 2000
2,228.60
-0.5%
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.3% to $581.79.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% lower to $429.14.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 0.4% to $493.29.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.5% $221.04.
- The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up 0.6%. The Industrial Select Sector SPDR Fund (NYSE:XLI) lagged, down 1.1%.
Tuesday’s Stock Performers
General Motors Co. (NYSE:GM) surged 9%, on track for its strongest session in nearly a year, after reporting stronger-than-expected earnings and announcing an additional $5 billion share buyback program extending into next year.
Other stocks reacting to earnings include:
- Southern Copper Corp. (NYSE:SCCO), up 1.5%
- Nucor Corp. (NYSE:NUE), down 6%
- W.R. Berkley Corp. (NYSE:WRB), down 4.6%
- Zion Bancorp. N.A. (NASDAQ:ZION), up 6.8%
- Wintrust Financial Corp. (NASDAQ:WTFC), up 1.6%
- Philip Morris International Inc. (NYSE:PM), up 8.8%
- GE Aerospace (NYSE:GE), down over 8%
- Danaher Corp. (NYSE:DHR), down 3%
- Verizon Communications Inc. (NYSE:VZ), down 4.4%
- RTX Corp. (NYSE:RTX), down 0.4%
- Lockheed Martin Corp. (NYSE:LMT), down 5.8%
- Fiserv Inc. (NYSE:FI), down 0.4%
- Moodys Corp. (NYSE:MCO) down 4.5%
- 3M Company (NYSE:MMM), down 0.9%
- Freeport-McMoran Inc. (NYSE:FCX), up 1.4%
- Kimberly-Clark Corp. (NYSE:KMB), down 4%
- PulteGroup Inc. (NYSE:PHM), down 5.7%
Large-cap companies reporting earnings after the close include Texas Instruments Inc. (NASDAQ:TXN), Baker Hughes Co. (NASDAQ:BKR), Seagate Technology Holdings PLC (NASDAQ:STX), Packaging Corporation of America (NYSE:PKG), Manhattan Associates Inc. (NASDAQ:MANH), East West Bancorp. Inc. (NASDAQ:EWBC) and Enphase Energy Inc. (NASDAQ:ENPH)
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Posted-In: Earnings Equities Large Cap Mid Cap Sector ETFs Broad U.S. Equity ETFs New ETFs Commodities
